Bitcoin Price Soars to Record Weekly Gain, Hits Resistance at $80,000
Bitcoin's price surge has reached its peak, reaching a record-breaking weekly gain of $14,775 in US dollar terms. This marks the largest absolute weekly increase since July 2010, with prices rising from $62,818 to $77,593 between August 17 and 23.
The $80,000 level remains a key resistance zone, with almost 8% of Bitcoin's circulating supply concentrated in this range. On-chain data shows that the $81,000-$86,000 interval is one of the densest resistance zones in Bitcoin's history, making it challenging for prices to break through.
ETF inflows have become a crucial factor in assessing the sustainability of this rally, with U.S. spot Bitcoin ETFs seeing a combined net inflow of $2.8019 billion over eight consecutive trading days from August 17 to 26. This influx of capital has helped support prices but may also lead to selling pressure if investors redeem or sell their shares.
Market analysts are divided on the future direction of Bitcoin's price, with some predicting a cyclical reversal and others seeing this movement as a rapid repair within a bear market framework. Historically, breaking through long-term trend lines has signaled the start of bull markets, but repeated failed attempts could trigger panic selling.